Business, Backlash, and a Pinch of Fascism: How Colbert — and Late Night — Can Rise from the Ashes

It wasn’t the ratings. It was the business model. And, yeah, maybe a little fascism.

Credit: Reuters

When Ratings Don’t Matter and Truth Makes You Expensive

After a thirty-year career in advertising, the decisions television networks make don’t surprise me anymore. When the news broke that The Late Show with Stephen Colbert was being canceled, most of America did a double-take. Though brokenhearted, I did not.

If you don’t know media math, corporate greed, executive cowardice, or the paucity of network innovation, this whole mess can be hard to understand. Colbert ran the top-rated late-night show in the U.S. The guy helped millions laugh through Trump, COVID, and climate collapse. He was the guy.

So why cancel him?

Hint: It wasn’t the jokes. It was the receipts.

Let’s Follow the Money (Off a Cliff)

We can start with what CBS won’t say out loud: The Late Show reportedly lost the network $40 to $50 million per year, even with stellar viewership. In 2018, Colbert’s show brought in about $121 million. In 2024? Just $70 million.